Appraisal Threshold to be Raised for First Time in 25 Years

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Posted To: MND NewsWire

Increasing home prices are at the heart of a decision by the major federal regulatory agencies to raise the threshold for requiring a residential real estate appraisal for mortgages originated by their regulated institutions. When the rule become effective, mortgages on 1 to 4 family homes sold for $400,000 or less may be exempt from an appraisal; the current level is $250,000. It will be the first change in the threshold in a quarter century. The new rule, declared by the Federal Deposit Insurance Corporation (FDIC), Office of Comptroller of the Currency (OCC), and the Federal Reserve (Fed), has been published in final form but apparently has not yet received the requisite signatures from the Fed. The agencies say the Consumer Financial Protection Bureau was involved in developing the proposal…(read more)

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